Adjusting Entries and Income Statements
Using Microsoft Excel complete the following:
A. Calculate the amounts of the adjusting entries and enter them in the adjustments column.
B. Enter the amounts in the adjusted trail balance column.
C. Prepare the Income Statement
D. Prepare the Statement of Owner's Equity
E. Prepare the Balance Sheet
See attached for data and spreadsheet.
© BrainMass Inc. brainmass.com October 25, 2018, 8:29 am ad1c9bdddfhttps://brainmass.com/business/the-adjusting-process/adjusting-entries-and-income-statements-542677
Attachments
Solution Summary
This solution illustrates how to make the most common monthly adjusting journal entries, how to prepare an adjusted trial balance, and how to prepare an income statement, statement of owners' equity and balance sheet using the adjusted trial balance.
Sorval Sales Ltd adjusting entries financial statements excel
Sorval Sales Ltd., a family owned business, sells small tools to retailers...
I need help with the journal and adjusting entries. Please view the attachments (do the entries under the additional facts). It is number 1 to 12.
Create 12 adjusting entries required to prepare a full set of financial statements. Post in a worksheet to show the adjusted trial balance and the income statement and balance sheet. Link cells in excel.
Unadjusted Trial Bal
debit credit
Cash $6,000
AR $56,000
Allow doubtful acct $2,500
Warehouse supplies $3,600
Merchandise Invy $45,000
Prepaids $3,900
Investment in Totem $21,000
Land $150,000
Building $250,000
Acc depr bldg $31,250
Equip $60,000
Acc depr equip $18,960
Fixtures $22,000
Acc depr fixtures $9,000
AP $30,000
Accrued liab
Income taxes pay $1,000
Mortgage pay $315,284
Common stock $70,000
Dividends $5,000
RE $82,100
Sales $570,000
COGS $306,594
Ad exp $34,000
Depr exp
Bad debt exp
Insur exp $12,000
Int exp
Prop tax exp $12,000
Office exp $22,000
Repair exp $12,000
Salaries exp $90,000
Warehouse supp exp $9,000
income tax exp $5,000
Equity invest in subsid
totals $1,127,594 $1,127,594